Environment
Cutting carbon emissions fast and deep
Τhe world is headed for nearly 3°C of warming, where extreme weather becomes normal and sea-levels rise dramatically, with severe impacts on lives, livelihoods and biodiversity.
According to the UN, existing climate commitments for carbon reduction will lead to a small rise in global carbon emissions by 2030, instead of achieving the high reduction needed to hit the 1.5°C pathway. The cost of mitigation, adaptation and resilience measures for our rapidly warming planet would be exorbitant.
The leaders of world’s biggest economies agreed to phase out coal-fired power generation, stop funding coal plants and aim for the 1.5°C limit.
Fossil fuels provide 83% of global primary energy demand and contribute about 73% of global carbon emissions. Displacing fossil energy in the grid will require significant expansion of Renewable Energy and investment in carbon capture, utilisation, and storage technologies.
Over 90% of world GDP and around 90% of global emissions are now covered by net zero commitments. This means phasing down coal power, halting and reversing deforestation, speeding up the switch to electric vehicles and reducing methane emissions.
